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I listed the actual auction. I have access to the insurance auctions and thought it might help an individual looking to purchase a damaged vehicle.
The deposit is 100% refundable if the live auction goes higher than the bid placed. However, if the bid placed is the high live bid, then the buyer must complete the sale or lose their 20% deposit (to cover my fees as the insurance auction charges a hefty fee if you don't complete a sale)
They expect people to bid on an auction for a chance to bid on an auction. I have not seen anything on ebay like this before.
I've done this 4 times in the past, but never on a Corvette. Usually the eBay crowd is willing to pay less than salvage dealers, but occasionally a buyer steps up and gets a great deal. In this case, someone looking for a C6 to do custom body work or paint work to...or make into a track car, would get a huge savings...while someone looking to repair it could likely still end up saving over 10k.
It'd be interesting to see if anyone could actually repair this and make out saving anything at all.
I'm not the pro here, but have had some experiences with salvage and flood deals. One of the worst things besides water/fire damage is a twisted frame, and that ole gal is twisted up pretty good.
Scott
I disagree...the frame doesn't appear to be terrible. THe pass frame rail will likely need sectioned, but the driver's rail may be fine. The rear frame also appears fine...
Of course, no one will know until teardown is started, but as far as repairables go, this is very repairable.
Id like to buy it but i have my concerns about losing my deposit also you told me that the bid hasent even reach 20 thousand and thats what the insurance company is gonna start theres off at. so i bid on ebay 15000 and then put a deposit down of 20% and then when it goes to the auction out there and bid starts higher and also if the bid was to start at 15000 i would lose because someone can out bid me by 500 dollars why not just have 1 auction just the 1 on ebay please let me know where i might be mistaken at? thanks
No one will lose their deposit unless they win the live auction and don't send the rest of the payment in...plain and simple.
If the eBay auction doesn't meet the pre-bid on the insurance auction, the high bidder won't even need to submit a deposit as I'll inform them immediately that it's just not high enough to win...
Again, the only way you could possibly lose your deposit is if the car is awarded to you at the live auction and you don't finish paying for it...
someones got the big so that they always out bid yuo i bid 13000 then it said i have been out bid
then i bid 13200 and the same seller is out bidding me automaticly
someones got the big so that they always out bid yuo i bid 13000 then it said i have been out bid
then i bid 13200 and the same seller is out bidding me automaticly
That's the way e-bay works! If he bid 20,000 and you only bid 15,000 then his bid goes up high enough for him to out bid you. Once you finally bid more than his , you will be the high bidder.
The down side of a auction is that if you win, you paid more than anyone else would have.
well you left out the part about getting a corvette that has unknown frame damage, and that would be a down side also.
Not to mention you can get a killer C5 that runs for the same amount.
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